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[Roadhawk]

Got mine today.  I'll have to find last year's to compare, but it seems like it might be bigger than last year.

[Capital_Finance_Group]

I am still waiting for a check.

Me too.

I got mine today.
Well that's all the Prosper excitement I can stand for this year.

[Capital_Finance_Group]

Got mine today.  I'll have to find last year's to compare, but it seems like it might be bigger than last year.

Mine is 7.72% larger that the check I got last year.
I have no idea why I wasted the time to know this for a payment that is less than $12.

[Capital_Finance_Group]

I took this year's check amount and divided by last year's check amount.

Ratio is 1.0774 ie about 8% more than last year.

I had the same ratio increase. Just to be clear, there wasn't supposed to be an increase with the second check, correct? Are we theorizing that we have received interest on the payment that should have been mailed end of January?

Whew - I was about to get really agitated when I saw someone else got 1.0774 more and I got 1.0772 more.
I took what I got last year and multiplied it by both factors and it comes out the same exact amount.

[rogerwaite]

Yay, got mine. $45.67, which is $3 more than last year. Did we decide this is interest for the delay?

[cubbiesnextyr]

I don't remember the amounts for each of Prosper's payment obligations under the settlement off the top of my head, but the amounts are NOT equal, so you can't simply multiply your first check by 4.

I received my settlement check today. It was for $64.63.

EDIT TO ADD

The proposed Settlement consists of four annual payments from Prosper into an escrow account (the “Settlement Fund”) out
of which an independent professional settlement administrator, Strategic Claims Services (the “Settlement Administrator), will
disburse funds to the Class Members. In exchange for a full release of claims as to all Class Members against all Defendants,
Prosper agrees to pay the total Settlement amount of $10,000,000, according to the following schedule:
• $2,000,000 within ten days of January 3, 2014, the date the Court entered its order granting preliminary approval of the
Settlement Agreement (the “Preliminary Approval Order”);
• $2,000,000 on the one-year anniversary of the Preliminary Approval Order;
3
• $3,000,000 on the two-year anniversary of the Preliminary Approval Order; and
• $3,000,000 on the three-year anniversary of the Preliminary Approval Order.

In other words, I would expect payments 3 and 4 to be a bit larger.

Here's the original distribution agreement.  So why this check is slightly larger is up for debate.  Perhaps it's interest?

[mothandrust]

Not interest.  The interest rate would be 7%/year, so 8 months late would mean the checks would be 5.8% larger than last year's.

If it were interest, they would be acknowledging that they owed the full amount plus interest...but they are going into "silent mode", crossing their fingers hoping nobody sues them.

I think Ira is right about it being due to uncashed checks from the last round.

[Fred93]

In 2016 we gotta try to remember that we are due these checks by January 23rd.

[bamalucky]

Mine was almost $300..Enough for a decent hooker or decent cocaine,or a cheap hooker & coke

[cubbiesnextyr]

Not interest.  The interest rate would be 7%/year, so 8 months late would mean the checks would be 5.8% larger than last year's.

If it were interest, they would be acknowledging that they owed the full amount plus interest...but they are going into "silent mode", crossing their fingers hoping nobody sues them.

I think Ira is right about it being due to uncashed checks from the last round.

No, I meant interest on the settlement money.  We're supposed to get a total of $10M, but they're not paying it all out at once.  Usually in situations like that interest would be paid on that undistributed money.  I don't know if that was determined in the settlement or not, but we should be paid interest until we get all of our settlement money.

[rogerwaite]

In 2016 we gotta try to remember that we are due these checks by January 23rd.

Note to self..put a reminder in Outlook.

[ira01]

Not interest.  The interest rate would be 7%/year, so 8 months late would mean the checks would be 5.8% larger than last year's.

If it were interest, they would be acknowledging that they owed the full amount plus interest...but they are going into "silent mode", crossing their fingers hoping nobody sues them.

I think Ira is right about it being due to uncashed checks from the last round.

No, I meant interest on the settlement money.  We're supposed to get a total of $10M, but they're not paying it all out at once.  Usually in situations like that interest would be paid on that undistributed money.  I don't know if that was determined in the settlement or not, but we should be paid interest until we get all of our settlement money.

No, that's not how it works.  If a settlement specifies a timetable for payments, then those are the payments to be made.  No interest is due if the payments are made as agreed.  A settlement agreement certainly could provide for interest, but as I recall this one did not, and thus no interest is due.  It is like the lottery.  If you win the "$20 million" prize which is paid out as 40 annual $500K payments, you don't get interest on the undistributed money, because what you won wasn't $20 million present value, but rather a specified payment stream adding up to $20 million.  So too here.

[rogerwaite]

Not interest.  The interest rate would be 7%/year, so 8 months late would mean the checks would be 5.8% larger than last year's.

If it were interest, they would be acknowledging that they owed the full amount plus interest...but they are going into "silent mode", crossing their fingers hoping nobody sues them.

I think Ira is right about it being due to uncashed checks from the last round.

No, I meant interest on the settlement money.  We're supposed to get a total of $10M, but they're not paying it all out at once.  Usually in situations like that interest would be paid on that undistributed money.  I don't know if that was determined in the settlement or not, but we should be paid interest until we get all of our settlement money.

No, that's not how it works.  If a settlement specifies a timetable for payments, then those are the payments to be made.  No interest is due if the payments are made as agreed.  A settlement agreement certainly could provide for interest, but as I recall this one did not, and thus no interest is due.  It is like the lottery.  If you win the "$20 million" prize which is paid out as 40 annual $500K payments, you don't get interest on the undistributed money, because what you won wasn't $20 million present value, but rather a specified payment stream adding up to $20 million.  So too here.

Well stream is the right word, cause every dealing I have with Prosper feels warm and golden.

[AmexFan]

Well stream is the right word, cause every dealing I have with Prosper feels warm and golden.

[mothandrust]

It is like the lottery.  If you win the "$20 million" prize which is paid out as 40 annual $500K payments, you don't get interest on the undistributed money, because what you won wasn't $20 million present value, but rather a specified payment stream adding up to $20 million.  So too here.

So for Prosper, which has borrowing costs roughly 15% from the VC's, not having to pay $2M for 8 months is a windfall of $200,000.